I cancelled all of my credit cards long ago after I they got out of control and I had to dig myself out of a big pile of debt. After getting married, I agreed to apply for one credit card, which was approved for a relatively high limit, that would be in both of our names and used for emergencies only. My husband brought 3 credit cards into the marriage, one through his primary bank, one he opened 6 or 7 years ago with a low limit, and one with a high limit he rarely used. After combining our finances, he started using our mutual card for work. I pay this card off every two weeks when he get reimbursed for work expenses, and the frequent usage helps both of our credit scores continue to build.
My plan was to have him cancel the bank credit card (he finally did so yesterday) as well as the card with the low limit and high interest rate that he never used. However, his other credit card company made this decision for me. It had been over a year since he used that card, and they closed the account without warning. We only received a letter in a mail saying the card had been closed due to inactivity. Therefore, we are now left with 2 cards, the small limit and the mutual card with the high limit he uses for work.
I’m still considering having him cancel the small limit card and bumping our high limit card to an “emergency only” card, then getting a new card that has a rewards program for him to use for work expenses. Since he charges a lot but we pay it off every 2 weeks, he would probably build up a good deal of rewards.
This is officially my most boring post ever. I apologize, as I am not in the greatest of moods. At least it’s one more check-off.